The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
3:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.6293 with a stop at the most recent swing high at 1.6315. Since I was 43 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6250.
Entry: Short at 1.6293 Stop: 1.6315 Target: 1.6250
6:45am EST– Unfortunately I was stopped out of my trade. (-22 pips)
Trade Result: -22 pips R-Multiple: -1.00
News events to watch for Friday:
- 4:30am EST- UK Trade Balance; Industrial Production; Manufacturing Production
- 8:30am EST– US NFP
- 10:00am EST– UK NIESR GDP Est.